Home New Repossession Rule
- Olanike Dairo (Unlicensed)
As set by the business, the rule to abide by regarding customer repossession is as follows:
No Repossession of customers that are 3 or more years old
After being a paying customer of 3 years, the system will cease to ever automatically set them to ‘pending repossession’ nor should this be done manually by staff as the system still currently allows this to be done. This is because at this stage the control unit is now theirs to keep.
Initially a decision had not been made on the case of manual repossession which is why customers can still be manually set to pending repossession even after 3 years.
Payment status Defaulted/ Default date greater than 30 days
If a customer’s payment status is defaulted or default date is greater than 30 days, this should not affect their option of being voluntarily repossessed (e.g. setting a customer to voluntary repossession who is less than 30 days expired due to them wanting to cancel).